To estimate the FFO (Funds From Operations) / Net Debt ratio for 2022, we need to calculate FFO and Net Debt using the provided 2022 annual report data (which covers the period ending 2023-01-01 for flow items and the balance at 2023-01-01 for stock items). 1. **Calculate FFO (Funds From Operations):** FFO is typically defined as Profit/Loss from continuing operations plus Depreciation and Amortization, plus Impairment losses (or minus reversals), and adjusted for non-cash items like net fair value changes on derivatives. From the provided data: - Profit Loss From Continuing Operations (2022-01-01 to 2023-01-01) = -18,231,000,000 EUR - Depreciation And Amortisation Expense (2022-01-01 to 2023-01-01) = 11,079,000,000 EUR - Impairment Loss / (Reversal) (2022-01-01 to 2023-01-01) = 1,762,000,000 EUR (This is an expense/loss, so we add it back to adjust for non-cash) - Net Changes In Fair Value On Energy And Commodity Derivatives (2022-01-01 to 2023-01-01) = -849,000,000 EUR (This is a non-cash loss, so we add it back) FFO = -18,231,000,000 + 11,079,000,000 + 1,762,000,000 + 849,000,000 = -4,541,000,000 EUR. *(Note: This aligns closely with the reported "Net Cash Flow From Operations Before Net Financial Expenses Disbursed And Income Taxes Paid Refund" of -5,140,000,000 EUR, with the difference being working capital changes and other minor non-cash adjustments. Using the standard income statement add-back method yields -4,541,000,000 EUR).* 2. **Calculate Net Debt:** Net Debt is calculated as Total Financial Debt minus Cash and Cash Equivalents. Total Financial Debt is the sum of current and non-current financial liabilities: - Special French Public Electricity Distribution Concession Liabilities (2023-01-01) = 49,459,000,000 EUR - Other Noncurrent Financial Liabilities (2023-01-01) = 71,058,000,000 EUR - Other Current Financial Liabilities (2023-01-01) = 71,844,000,000 EUR Total Financial Debt = 49,459,000,000 + 71,058,000,000 + 71,844,000,000 = 192,361,000,000 EUR. Cash and Cash Equivalents (2023-01-01) = 10,948,000,000 EUR. Net Debt = 192,361,000,000 - 10,948,000,000 = 181,413,000,000 EUR. 3. **Calculate FFO / Net Debt Ratio:** Ratio = FFO / Net Debt = -4,541,000,000 / 181,413,000,000 ≈ -0.025031 Rounding to two decimal places, we get -0.03. -0.03